Two Years In, the Inflation Reduction Act Is Tackling Climate Change and Rebuilding American Industry With Growing Support

August 16, 2024 /3BL/ - Ceres Vice President of Government Relations Anne Kelly issued the following statement to mark the second anniversary of the Inflation Reduction Act being signed into law:

“The Inflation Reduction Act is the largest investment in world history to fight climate change, and on its second anniversary the impressive returns on that investment are leading to American industrial and economic growth. By unleashing hundreds of billions of dollars in private investment to build and deploy clean technologies and infrastructure, the IRA has proven itself as an anchor for the US manufacturing renaissance, a motor for U.S. competitiveness and energy security, and a crucial tool to lower costs for families and businesses.

“The IRA’s impacts are being felt from coast to coast, in rural and urban areas, and in red, blue, and purple states alike, with programs ranging from clean energy tax credits to the Greenhouse Gas Reduction Fund to new U.S. Department of Agriculture funding, and so much more ensuring that communities of all sorts experience its benefits. That’s why the IRA’s key policies are gaining new support from both sides of the political aisle, helping to ensure the law will maintain and build upon its momentum going forward.

“For years leading up to its passage, and in the two years since it was signed into law, leading U.S. businesses have championed the tax credits and other programs that have made the IRA a success. They knew it would benefit both the climate and the economy by sparking investment, creating jobs, and reducing costs, and today they are being proven correct. Ceres is proud to have connected countless companies and investors with policymakers in support of the IRA and we look forward to continuing to showcase its importance in states across the country in the months and years ahead.”

Ceres has worked for years to organize business support for the climate provisions in the Inflation Reduction Act. By the time the legislation was signed into law in 2022, more than 2,900 businesses generating $5.1 trillion in annual revenue and employing 400 million people worldwide had spoken out in support of ambitious federal climate action. Leading businesses have since provided essential input to shape the law’s new programs, advocate for state policy to further harness its many economic benefits and highlight the law’s impacts across the country in meetings with top policymakers.

Throughout 2024, including at its flagship advocacy event LEAD on a Clean Economy 2024, Ceres has mobilized leading companies and investors to meet with members of Congress from both parties to discuss the ways the law is benefitting local economies across the U.S. Last week, 18 Republican House members sent a letter to House Speaker Mike Johnson in support of the IRA’s clean energy tax credits — providing further affirmation of the IRA's effectiveness in building bipartisan support.

About Ceres

Ceres is a nonprofit advocacy organization working to accelerate the transition to a cleaner, more just, and sustainable world. United under a shared vision, our powerful networks of investors and companies are proving sustainability is the bottom line—changing markets and sectors from the inside out. For more information, visit ceres.org.

Media Contact: Helen Booth-Tobin, booth-tobin@ceres.org